Economy

• Friday, October 30th 2009 - 11:07 UTC

  Buenos Aires city and province issue IOUs to pay suppliers

  

  Faced with extremely tight finances, both the city and province of Buenos Aires have decided to pay suppliers with bonds to bridge the widening spending gap, the Argentine State Supplier Union, or UAPE, said in a press release Thursday.

• Friday, October 30th 2009 - 00:43 UTC

  Technically recession is over in the US, but even Obama was cautious

  

  The United States economy grew at an annual pace of 3.5% between July and September, its first expansion in more than a year. The growth was helped by a substantial government spending plan, including a scrappage scheme to boost car sales.

• Thursday, October 29th 2009 - 10:16 UTC

  UK petrol prices at their highest level of the year

  

  Petrol prices in the United Kingdom are now at their highest level of the year, according to the AA. Average UK prices at the pumps are now 107.14p a litre - beating the previous 2009 high of 107.03p a litre on September 9.

• Thursday, October 29th 2009 - 10:08 UTC

  Norway first in Europe to raise interest rates

  

  Norway has become the first European country to raise its interest rates since the beginning of the global financial crisis. The country's central bank raised the cost of borrowing to 1.5% from 1.25% in a widely-expected move.

• Thursday, October 29th 2009 - 09:50 UTC

  Brazilian government lowers tax to benefit consumers and farmers

  

  Brazil’s main meat processor JBS praised the government for lowering a local tax that will ultimately benefit consumers and farmers. JBS is also in the process of becoming the world’ leader in animal protein food by taking over US chicken producer Pilgrim’s Pride and merging with Brazil’s Bertin SA.

• Thursday, October 29th 2009 - 07:11 UTC

  Brazil confirms the gradual elimination of US dollar in trade operations

  

  Brazilian Central Bank president Henrique Meirelles said the country is considering the gradual elimination of the US dollar in trade with China, Russia and India, which together with Brazil make up the BRIC group.

• Thursday, October 29th 2009 - 06:54 UTC

  EC approves UK’s Northern Rock split into a “good” bank and a “bad” bank

  

  The European Commission has approved the Government's plans for splitting United Kingdom’s Northern Rock in two: a “good” bank and a “bad” bank. The “good” bank will continue Northern Rock's economic activities, while the “bad” bank will become in effect an asset management company running down the remaining toxic assets.

• Thursday, October 29th 2009 - 02:32 UTC

  Massive support for French farmers; Sarkozy blasts commodities speculation

  

  French President Nicolas Sarkozy announced a 650-million Euro exceptional aid plan for France's subsidized but still struggling farmers, along with one billion Euros in cheap loans. He also called on the European Commission to limit market speculation on agricultural commodities prices.

• Wednesday, October 28th 2009 - 20:35 UTC

  Chilean vineyards moving south in anticipation of climate change

  

  Some of Chile’s most renowned vineyards may have to relocate in the face of global warming, suggests a recent study conducted by the British consultancy firm PricewaterhouseCoopers (PwC).

• Wednesday, October 28th 2009 - 14:29 UTC

  France’s Crédit Agricole selling its banking assets in Uruguay

  

  French bank Credit Agricole officially announced this week it had begun consultations to sell its banking interests in Uruguay where it operates under the name of Credit Uruguay.